Link to KUTV2 Fresh Living: http://kutv.com/features/fresh-living/open-enrollment-health-insurance-changes
Hi all, this was a fun an exciting event for me. There are going to be some significant changes in the health insurance industry this year and I was fortunate enough to be interviewed on KUTV2 to discuss these changes.
Now, I’ll admit that being on a major TV network program isn’t something that I do every day. This was a fun, new, scary, and exciting opportunity for me. I was nervous but excited at the same time. Have you ever been on TV?
Here are some of the things I discussed. Of course, you can also just watch the video above to get these details.
Open Enrollment Period Shortened This Year
Cut in half. Yup, that’s right. The open enrollment period for 2018 has been cut in half. The new dates are November 1 – December 15. You now only have 6 weeks to complete your enrollment for your 2018 health plan. Don’t procrastinate this one, that December 15 deadline will sneak up on you quickly.
Re-Apply and Re-Enroll Each Year
If you are getting your health insurance on Healthcare.gov (meaning, you’re getting a tax credit to help offset the cost of your health insurance) then you need to re-apply and re-enroll in a new plan each year. Here’s why. Tax credits and cost-sharing benefits change each year. This year, President Trump cut funding for the cost-sharing benefit portion of the Affordable Care Act. You’ll still see those benefits when you apply for your insurance, but the Federal Government is no longer funding those benefits. This is one of the major reasons for the steep increase in premiums, especially for the Siler Tier plans.
If you purchased your health insurance directly from a carrier (ie, SelectHealth or University of Utah Health) then you don’t have to re-enroll, but maybe you should. You will be re-enrolled on the same plan you had last year if it’s available. If it’s not, then you’ll be enrolled in a plan that is closest to what you had last year.
I always suggest you look at all new plans available and make sure you’re on a plan that best fits your individual needs.
Molina Leaving the Utah Market
Yes, Molina Healthcare is leaving the Federal Marketplace in Utah for 2018. If you have a Molina healthcare plan, you will need to move to a new carrier this year. We’ve put together a guide to help make this process easier for you.
For 2018, you will have 2 options for your Individual and Family health insurance. SelectHealth and University of Utah Health and now both statewide and offer health plans in all 29 Counties. University of Utah Health has placed a great emphasis on filling the gap created by the Molina exit.
3 tips to Get the Most out of Your Health Insurance
One of the most common conversations we have with our clients has to do with the astronomical increase in the cost of health insurance. I know, it stinks.
There are 3 primary things we counsel on when it comes to health insurance.
The first is to make sure you’re taking advantage of all the tax credits and cost sharing benefits you’re entitled to.
Second is to make sure you’re taking advantage of all the benefits of your current health plan. You may as well get the best value out of what you’re already paying for. For example, some plans offer coverage for an Adult Eye Exam or Dental Cleanings for children. Learn what benefits your plan has and use them. You’re already paying for it, so you may as well get the benefit.
The third thing is something most people may not know. There is no additional cost or fee to work with a Health Insurance Advisor or broker. You’re going to pay the same cost for your plan if you buy it directly, get it on healthcare.gov, or work with an Independent Health Insurance Advisor. The cost is the same. A Health Advisor can help you maximize your tax credits, understand the benefits of your health plan, and make your enrollment process so much easier.
Like I said, this interview was both fun and scary at the same time. What are your plans for your Health Insurance for 2018? I hope this offers a bit of help in pointing you in the right direction. Watch our Free Video course on the Complete Guide To Buying Health Insurance in Utah.
Let’s find out which insurance companies you can buy health insurance from in 2018 and what plan is going to be right for you!